Certified Texas Contract Manager (CTCM) Exam Prep with Complete Solutions

Vendor Performance Tracking System (VPTS) - ANSWER-Online directory that a contractor's performance must be reported to this system once a contract with a value over $25,000.00 is completed or otherwise terminated. Types of Contract Amendments - ANSWER-1) Bilateral Amendments (Substantive Changes & Constructive Changes) 2) Unilateral Amendments (Administrative Changes) *And Contract Amendment Analysis G-103, G92-93 Contract Renewal vs Contract Extension - ANSWER-Renewal: where contractual parties have the option to renew the contract for another term. Extension: extended term beyond the original solicitation contract terms, which allows time needed to complete the service. G-105 Restrictions on Extending Contracts - ANSWER-Agencies cannot extend past initial term + optional extensions unless ALL of the following are met: 1) the extension is limited in duration and does not cost more than one additional extension period (as defined in the contract). If not defined, the limit is one year; 2) notice of the extension is provided to the LBB 30 days prior to execution; 3) all required information and documents have been uploaded to the LBB contracts database. GAA 17.10.c.1 6 Types of Remedies for Contract Breach - ANSWER-Liquidated damages Compensatory damages Restitution damages Equitable remedies Punitive damages Nominal damages G60-61